Renaissance Technologies LLC Has $19.65 Million Stake in Discover Financial Services (DFS)
Renaissance Technologies LLC grew its position in Discover Financial Services (NYSE:DFS) by 6,545.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 279,100 shares of the financial services provider’s stock after acquiring an additional 274,900 shares during the period. Renaissance Technologies LLC’s holdings in Discover Financial Services were worth $19,651,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of DFS. Janney Montgomery Scott LLC boosted its holdings in Discover Financial Services by 0.9% during the second quarter. Janney Montgomery Scott LLC now owns 83,464 shares of the financial services provider’s stock worth $5,877,000 after buying an additional 708 shares in the last quarter. Azimuth Capital Management LLC boosted its holdings in Discover Financial Services by 0.5% during the second quarter. Azimuth Capital Management LLC now owns 154,100 shares of the financial services provider’s stock worth $10,850,000 after buying an additional 750 shares in the last quarter. Atlantic Trust Group LLC boosted its holdings in Discover Financial Services by 2.9% during the first quarter. Atlantic Trust Group LLC now owns 28,617 shares of the financial services provider’s stock worth $2,059,000 after buying an additional 809 shares in the last quarter. Wesbanco Bank Inc. boosted its holdings in Discover Financial Services by 1.5% during the second quarter. Wesbanco Bank Inc. now owns 54,386 shares of the financial services provider’s stock worth $3,830,000 after buying an additional 830 shares in the last quarter. Finally, Sawtooth Solutions LLC boosted its holdings in Discover Financial Services by 20.3% during the second quarter. Sawtooth Solutions LLC now owns 5,110 shares of the financial services provider’s stock worth $360,000 after buying an additional 862 shares in the last quarter. 85.75% of the stock is currently owned by institutional investors and hedge funds.
Shares of DFS opened at $78.82 on Tuesday. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 2.54. The stock has a market cap of $27.41 billion, a price-to-earnings ratio of 11.64, a price-to-earnings-growth ratio of 0.93 and a beta of 1.52. Discover Financial Services has a 12-month low of $61.21 and a 12-month high of $81.93.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 6th. Shareholders of record on Thursday, August 23rd were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, August 22nd. This represents a $1.60 dividend on an annualized basis and a yield of 2.03%. This is a boost from Discover Financial Services’s previous quarterly dividend of $0.35. Discover Financial Services’s payout ratio is presently 26.76%.
Discover Financial Services declared that its board has authorized a share repurchase plan on Thursday, July 19th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 11.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.
DFS has been the topic of a number of research analyst reports. Zacks Investment Research raised shares of Discover Financial Services from a “hold” rating to a “buy” rating and set a $80.00 price objective on the stock in a report on Tuesday, July 3rd. JPMorgan Chase & Co. boosted their price objective on shares of Discover Financial Services from $78.00 to $81.00 and gave the stock a “neutral” rating in a report on Friday, July 27th. Bank of America boosted their price objective on shares of Discover Financial Services from $86.00 to $92.00 and gave the stock a “buy” rating in a report on Friday. Finally, Sandler O’Neill reissued a “buy” rating and set a $87.00 price objective on shares of Discover Financial Services in a report on Friday, July 27th. Nine research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $85.68.
In other news, CEO David W. Nelms sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $78.11, for a total value of $2,343,300.00. Following the completion of the transaction, the chief executive officer now owns 1,210,798 shares of the company’s stock, valued at $94,575,431.78. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Carlos Minetti sold 3,750 shares of the business’s stock in a transaction that occurred on Monday, July 2nd. The shares were sold at an average price of $69.90, for a total transaction of $262,125.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 101,250 shares of company stock valued at $7,418,813. 0.81% of the stock is currently owned by company insiders.
Discover Financial Services Company Profile
Discover Financial Services, through its subsidiaries, operates as a direct banking and payment services company in the United States. The Direct Banking segment offers Discover-branded credit cards to individuals; and other consumer products and services, including private student loans, personal loans, home equity loans, and other consumer lending, as well as deposit products, such as certificates of deposit, money market accounts, savings accounts, checking accounts, and individual retirement arrangement certificates of deposit.
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